NEW YORK (MainStreet) —While consumer debt is more pervasive than ever in our society, there are innovative apps that provide a new framework for regaining control of personal finances.
“When it comes to consumer finance...contemporaneous reporting is key, and that’s easiest to accomplish using mobile apps," said Robert Green, CEO of GreenTraderTax.com. "Most spending takes place on the go, so make your contemporaneous accounting mobile, too.”
Mobile apps for managing your finances are providing empowering new tools to stay on track with your budget, in real time and on the move. Their arrival is certainly timely, amid the skyrocketing consumer debt in the United States.
Consumer debt in America has increased by a massive 1700% since 1971, and more than ever, Americans are feeling the strain of financial liabilities.
According to the Federal Reserve, total U.S. credit card debt amounts to $793 billion, with the average credit card debt per household at more than $15,000.
Even more staggering are the numbers relating to student loans.
There are approximately 37 million student loan borrowers with outstanding student loans in the United States today. Total outstanding student loan debt stands between $902 billion and $1 trillion.
Among the thousands of financial iPhone apps available, these six stood out for their creativity and innovation in tackling debt and budgeting.
Reaching over 10 million users, Credit Karma allows you to check your credit score whenever you want from your smartphone. The app shows how your credit score ranks in relation to other consumers and how much it has changed since your last update.
The app also provides free credit monitoring alerts which can help protect your identity and credit score. Users are notified immediately and can take quick action if something important has appeared in their credit report.